An April 2010 IPO, Chatham owns interests in more than 130 hotels upscale extended-stay hotels
in 15 states. Also holds minority interest in joint venture that owns
more than 90 hotels.

Chesapeake Lodging (CHSP)

A January 2010 IPO, Chesapeake owns more than 20 mostly upper-upscale and
extended-stay hotels in nine states.

Condor
Hospitality (CDOR)

Formerly
Supertel Hospitality, Condor owns
14 upscale, limited-service hotels in 9 states. Completed a 1 for 8 stock split in August 2013. Suspended common stock dividend payouts in March 2009 and preferred
payouts in December 2013. Changed name to Condor in July 2015. Redeemed
all preferreds, including unpaid dividends, in April 2016 and reinstated
common dividend in July 2016.

DiamondRock
Hospitality (DRH)

Owns 29 premium hotels in New York City, Los Angeles, Chicago,
Boston, and Atlanta. Suspended dividend in December 2009, but resumed payouts
in March 2011.

FelCor
Lodging (FCH)

Owns upscale hotels, resorts, and
all-suite hotels, in 14
states. Suspended dividend payouts in December 2008.
Resumed paying small dividends in July 2014.

Hersha
Hospitality (HT)

Owns
more than 50 upscale limited and full service hotels primarily along the Northeast
Corridor from Boston to Washington DC. Also owns hotels in Northern
California and Scottsdale, Arizona.

Hospitality
Properties Trust (HPT)

Owns
more than 250 mid-scale mostly suite hotels located in 45 states in the United
States, and in Puerto Rico; and Canada. Suspended dividends in 2009,
but resumed payouts in 2010.

Host
Hotels & Resorts (HST)

Host owns
more than 250 upscale and luxury full-service hotel properties
in downtown and resort locations. Cut quarterly dividend to $0.01 in
2010, but resumed paying meaningful dividends in 2011.

LaSalle
Hotel Properties (LHO)

Owns more than 40
upscale and luxury full-service hotels in 10 states and the District of
Columbia. Cut dividend to $0.01 in March 2009, but reinstated
significant payouts in September 2010.

Pebblebrook Hotel Trust (PEB)

A December 2009 IPO, Pebblebrook fully owns
more than 30 upper upscale, full service hotels in major
gateway cities in 11 states and DC.

RLJ Lodging Trust (RLJ)

A May 2011 IPO, RLJ owns more than 102 mid-priced limited
service hotels such as Courtyard by Marriot and Embassy Suites in 22
states and DC.

Ryman Hospitality
Properties (RHP)

Owns four meetings focused resorts operated
by Marriott under the Gaylord Hotels brand. Also owns the Grand Ole Opry
and other entertainment assets.

SoTHERLY Hotels (SOHO)

Formerly MHI Hospitality (MDH), Southerly
Owns 12 upscale and upper-upscale full service hotels in
the Southern U.S. Cut dividend to
$0.01 in 2009, but resumed paying significant dividends in 2011.

Strategic Hotels &
Resorts (BEE)

Owns 17 luxury hotels and resorts in the U.S., Mexico and Europe.
Suspended dividend payouts in December 2008. Agreed to be acquired by
Blackstone in September 2015.

Owns 30 upscale hotels mostly on the East Coast and in California.
Suspended dividend payouts in December 2008, but resumed paying
dividends in September 2013.

Xenia Hotels (XHR)

A February 2015 spinoff from Inland
American Realty Trust, Xenia owns more than 40 premium full service,
lifestyle and urban upscale hotels in the top lodging markets and key
leisure destinations. Self-advised.